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Regional planning commission reports $617,197 fund balance; committee requests transfer and reviews loan activity
Summary
Jon Bingol of the Mississippi River Regional Planning Commission told the committee the Economic Development Loan Fund had a $617,197.03 balance as of July 31, 2023; the committee asked that $150,000 in county funds be moved into an Altra Federal Credit Union account and noted recent loan payoffs and modest July repayments.
Jon Bingol, representing the Mississippi River Regional Planning Commission, reported to the Vernon County Economic Development Committee on Aug. 3 that the Economic Development Loan Fund had a balance of $617,197.03 as of July 31, 2023.
Bingol said committee members requested that $150,000 of county funds previously associated with the CDBG grant be transferred into an Altra Federal Credit Union account (Karen DeLap will coordinate with the county finance director). He reported two loans had been paid off (Nordic Lanes and Hillsboro Brewing Company), July loan payments received totaled $570, and interest earned increased significantly after moving funds to Altra (July interest at Altra reported as $2,453.34 versus $98.41 at the former bank).
Bingol said staff are working with two businesses to set up payment plans and will coordinate with Amy Oliver on how to handle COVID business-relief loans and a loan to Nottestad. The committee recorded these updates and asked county staff to carry out the requested transfer with the finance office.
Next steps: Karen DeLap will work with the County Finance Director to transfer the $150,000 and staff will continue to report loan-program activity to the committee.
